The risk-adjusted performance of companies with female directors: a South African case

The objective of this research was to examine the effects of female directors on the risk-adjusted performance of firms listed on the JSE Securities Exchange of South Africa (the JSE). The theoretical underpinning for the relationship between representation of female directors and the risk-adjusted performance of companies was based on institutional theory. The hypothesis that there is no difference between the risk-adjusted performance of companies with female directors and that of companies without female directors was rejected. Implications of the results are discussed and suggestions for future research presented.